AngioDynamics sales up 18 percent, but net income edges lower

The Queensbury-based maker of catheters and related medical devices used to treat varicose veins and cancer reported this afternoon that revenue in the first quarter ending Aug. 31 climbed 18 percent to $44.3 million, while net income declined 7 percent to $2.2 million from year-earlier results.

The company acquired Diomed, a competitor, on June 17 and hired 35 of its employees. It also announced development of the NanoKnife, a tool that destroys targeted tissue without harming surrounding cells.

“We have had excellent results with the 17 prostate cancer patients who have been treated with NanoKnife in the U.S.,” said Eamonn Hobbs, president and CEO of AngioDynamics.

The company reaffirmed its outlook for the current fiscal year of sales in the $205 million to $210 million range, and operating income of $21 million to $22 million.

Shares (Nasdaq: ANGO) fell 75 cents on the day, or nearly 5 percent, to $14.58, but jumped 99 cents in after-hours trading. Results were announced after markets closed.